Recently, I saw a bunch of discussions about LST/re-staking again, and I no longer bother to explain... To put it simply, most of the returns still come from two parts: the safety subsidy from underlying staking + various incentives/fee sharing layered on top (some even have a "bring people in first" vibe). The problem is that the risks also stack up: protocol-level contract pitfalls, de-pegged liquidity, re-staking selling the same security repeatedly to different places—if something goes wrong, it might not just be a small loss, but a chain reaction.

Some people also complain about validators/miners eating MEV and unfair ordering; I can understand that. Retail investors feel like "why do I always buy at slippage"... Anyway, I’m not too excited about TVL right now. I prefer to watch active addresses and net inflows. My positions are just small experiments, and being able to sleep well is the most important.